At a time when Australian has been sweltering in record heat while bush fires burned out of control, then suffering from severe storms, a recent study seeks to quantify the effect of climate variability on farm profits in the country.
The impacts of both short-term climate risks such as drought and longer-term shifts in climate conditions have hurt Australian farmers, with the average broadacre farm profit declining by around 22% since 2000, costing the industry around $1.1 billion a year.
New research from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) shows that climate and variability is having a significant impact on farmers in the country and it recommends the use of risk transfer tools, including index or parametric insurance, as a way to help reduce the volatility they are experiencing.
An observed shift to hotter and drier conditions over the period 2000 to 2019, compared to 1950 to 1999, has negatively impacted the profits of Australian crop and livestock farms.
“Average temperatures have increased by about one degree since 1950, while recent decades have also seen a trend toward lower winter season rainfall, particularly in the…
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